The decision to relocate to a new home or to remodel the one you own is a very individual choice. It is, however, typically influenced by a variety of factors. The factors that are specific to our geographic area include the reality that Anne Arundel County’s residential footprint has grown drastically in the past 30 years, leaving less raw land for new home construction. In addition, we continue to face development restrictions due to the critical areas legislation implemented to protect our waterways. With fewer new homes available to purchasers (which would allow them to have specific decision-making power about their finishes), homeowners are now often faced with the fact that ‘new construction’ is less attainable. The reality of moving to an already existing home then poses the challenge of finding the home that suits one's needs, lifestyle, and tastes, which can in itself make it difficult to find ‘the home of our dreams’.
The National Association of Home Builders has reported that more families are deciding to stay where they are and improve their existing home rather than move, with costs involved with relocation being a key factor of consideration. The American Homeowner Foundation found that it typically costs eight to ten percent of the value of an existing home to sell it and move. Much of that cost goes into moving expenses, closing costs, and broker commissions – costs that have no direct impact on a home’s quality or value in the marketplace.
The decision to remodel rather than relocate can also be driven by the potential resale value which may be realized with the improvement. For some projects a proposed improvement can bring more than 100 percent of its cost in value of the home. To learn more about this, visit www.remodeling.hw.net/cost-vs-value/2016.
Remodeling allows a homeowner to customize their home to meet their own needs and desires. When you remodel, you are not dependent on someone else’s vision, you make it your own. While remodeling can be stressful, few experiences are more stressful than moving. And cost is only part of the equation. There are the intangible benefits to consider as well: Do you like your neighborhood? Is your current home special to you? Do your children enjoy their schools? If the answer to these questions is ‘yes’, but your home is not providing all that you need, consider remodeling rather than relocating.